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you don't want to do the work of the real stocking with the spdr. >> i hated starbucks and they people that go in their with wi-fis and never leave. that is my take. ♪ >> will waging more over the minimum wage. fast food workers demanding double pay. if they get the way will the job market pay the ultimate price and how much will my big mac cost. you know those funded cellphones meant for the poor and needy. well, it ain't just cleveland. we expose massive waste in that program and guess who is cleaning up all this. world's richest man and mayor accused of sexual harassment
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to put his legal bills and reason may make you feel harassed. "cashin' in" starts right now. >> eric: i'm eric boling. we have a crew this week. wayne rogers, jonathan hoenig and juan williams and katie. more fast food workers hitting the streets demanding a hundred percent pay hike. they want wages pushed up to $15 an hour. jonathan, let's talk about this. give us a lesson in capitalism. free market, wages or the government does? >> all these unions are going to do is increase the number of low skilled jobs people. wages are not arbitrary. they are not based on passion or feeling, they are based on productive value. you can't hire someone at $15 if they produce $7 an hour of
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worth. if they do they will go bankrupt and last union's work like gm. if you can't produce $15 worth of work an hour, you can't work at all. >> eric: why do they stop at $15 why didn't they go 40 or 45 while they are at it? >> what does living wage mean? i wanted to focus on low skilled jobs is way for people to get into the work force. they are meant to be career. they are way you get into that. i'm wondering this idea of wanting to move up in a company has gone. why aren't people starting at this minimum wage, low skilled jobs, moving up to the manager, maybe being a franchise owner, that is the great thing about corporations, once you pay your dues. >> eric: let's take it from there. how much is my meal at taco bell going to cost? >> i understand.
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you mentioned the big mac earlier, i think 17 cents more if they went up to $12 which is the living wage they are asking for. >> eric: so do we agree if you increase the wage to the hourly workers, the companies are going to pass it along capture? >> that is 17 cents. i don't think it's going to take much out of your wallet. anyway, i am so hear, they have concerns for the workers. how what about big corporations make them bankrupt. walmart, mcdonald's, sitting on huge profits reinvesting in the american worker. it's time the american worker.... >> what happens to those profits? i know people have a vision your profits are put into scrooge attic or swimming
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around in gold. they are actually reinvested into more jobs and more stores. >> are you kidding me? are you kidding me? you know what they do with it. they ship it overseas they can avoid taxes. [ talking over each other ] >> i just did the pencil, 4 million workers in the fast food industry, about 30 hours a week. if you double the wage you are talking about increasing payrolls by 45-50 billion dollars a year. should we be doing this now? >> of course not. there is something more fundamental. it's supply and demand, if you have 500 guys that want one job, obviously that job is going to be cost of that job is going up. if you 5,000 guys or 10,000 jobs that is going down. the skill level.
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to flip a hamburger is lot different than a guy who is a computer programmer. he can't be expecting to make the same kind of wages. suddenly we have a perfect example what was driven in overseas. garment business is gone now. it all went overseas because wages got out of hand. further going to do that, that is going to happen, if you don't like it and don't think about it. you don't know what you are talking about. with all due respect to you, it strikes more examples where this is happened. you can side on the other side. >> eric: let me bring katy in this. wayne makes a good point. there is no minimum wage numbers overseas. i don't think there are any in china and in brazil. if there they are they are substantially below what they are now. aren't we going to drive other service jobs overseas? >> the complaint is always, we don't have any jobs here in america. the fact is the labor is
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cheaper overseas due to things like this with low skilled positions. let's talk about youth unemployment. minimum wage jobs, mcdonald's entry level positions are necessary for high school and college students to kind of get their way through school and get their foot into a work force. you started raising that costs and making them more expensive, employers are just going to stop hiring them. we have seen 17% youth unemployment rate we've seen it go up. >> eric: in your city alone they are trying to get a walmart they wanted to increase wage requirement. there is 34% unemployment rate in washington, d.c. you are going to box them out from jobs. >> wait a second. you have to consider if you are talking about mcdonald's. average age is 28. we're not talking about teenagers. second thing eric, you and
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waiteders going to have to get in corporate jets to get the mcdonald's hamburger that you think somehow, we're going to send those jobs overseas. that is what wayne is saying. let me tell you one more thing, one more for you eric boling. this to me, is you want us to bring third world wages. >> eric: what are you talking about? hang in there guys. hold on. hold on. >> it would be unleashed. i have to tell you something my corporate jet was built overseas. [ talking over each other ] >> eric: you guys. >> you are protecting the rich. >> eric: let's meet put this in terms juan you may understand. victoria secret if they pay their retail workers $15-20 an hour, where are they going to find the money to produce
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the goods. they are going overseas and produce them in china rather than here. >> noticed american manufacturing is more attractive than ever to move back to the united states and quality of workers and all ease of distribution. >> we're missing the concept, too, when you raise prices and raise minimum wages you have to off set the cost. people are going to stop purchasing those goods. when you make goods more expensive to purchase at a store, people are going to make them at home instead. >> these minimum wage laws simply hurt the workers like juan wants to help. in a big picturout the age or skill level. it's about freedom. in a free country you can offer any wage you want and accept it. if a low skilled person whether he is 18 or 58 wants to work at $10 an hour....
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>> eric: we got to go guys. obviously a hard topic. "cashin' in" the only place you get victoria secret in the same segment. >> think about paying your own cellphone a month. media is getting out of control. >> are you on welfare and i said no, but i sure would like to be. that got me signed up. re going . it progressed from there to burning... to like 1,000 bees that were just stinging my feet. [ female announcer ] it's known that diabetes damages nerves. lyrica is fda approved to treat diabetic nerve pain. lyrica is not for everyone. it may cause rious allergic reactions or suicidal thoughts or actions. tell your doctor right ay if you have these, new or worsening depression, or unusual changes in md or behavior. or swelling, trouble breathing, rash, hives, blisters, changes in eyesight including blurry vision, muscle pain with fever, tired feeling,
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or skin sores friabetes. common side effects are dizziness, sleepiness, weight gain and swelling of hands, legs and feet. don't ink alcohol while taking lyrica. don't drive or use machinery until you know how lyrica affects you. those who have had a drug or alcohol problem maye more likely to misuse lyrica. having less pain is -- it's a wonderful feeling. [ female announcer ] ask your doctor about lyrica today. it's specific treatment for diabetic nerve pain.
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♪ live from america's news headquarters, i'm arthel nevil. u.s. prepared to close 22 of our embassies and consulates across the muslim world tomorrow over the threat of an al-qaeda terrorist attack. the american embassy in care row egypt is already closed today. facilities may stay closed longer depending on the danger. security concern triggering a worldwide travel alert. flying shrapnel injuring five spectators during a planned
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implosion in california. hundreds have people gathered for the demolition of steam power planted in bakersfield. a 48-year-old man had a leg partially amputated. four others were treated for minor injuries. all were standing beyond the 1,000 feet safety perimeter. i'm arthel nevil. get you back to "cashin' in". i'll see you again at 6:00 eastern. >> everybody in cleveland, we got obama. you sign up, you get social security you a get the benefits! >> eric: nothing phony about this story. people are signing up and getting free stone services subsidized by taxpayers even though they don't qualify for them. get this, mexican billionaire carlos slim second richest man is reportedly making a fortune off this u.s. government program. is it time we disconnect it
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for good? >> i'm sorry, the obama care phone service is no longer in service. we who pay our phone bills not subsidized by the government actually pay a tax. one thing this obama care lady she is talking about all these programs she so. social security, disability, welfare and we're subsidizing cellphones. having a cellphone is not a right. they did an undercover investigation not only people who aren't qualified getting these phones they are actually selling them back for drug money and using money for obamacare phones. so it's far time the fraud is taken out and the program is ended. >> eric: president obama didn't start the program but it did expand under president obama like under no other president. it went from $800 million to
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$2.2 billion during his term so far. >> first of all, it's a ronald reagan program and then a george bush program. you call it obama phones. it's intended to help people that are looking for a job that need a phone number that people can call to reach them. if they have a job available. this is the best of america that we encourage people to get jobs. we give them the opportunity to step up. these phones are only, by the way, only valued for about a buck or two before they run out. it's not an endless deal. >> eric: let me say, $2.2 billion. >> it's not tax dollars, eric. >> eric: let me begin gotta wayne, carlos slim, worth $72 billion, second richest man in the world, his company made $450 million off the obamacare phone program?
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>> let me tell you. obama picked up the phone and called eric holder, eric you remember fast and furious, i got a new program, it's called slow and stupid. [ laughter ] >> and we're doing this one with carlos slim because he was a big donor to our campaign. so we're going to buy the phones from him. by the way, hillary is in on it because she said nobody cares. and lois lerner is going to take the fifth. we don't have to worry about any of this stuff getting out of hand. [ laughter ] >> think the taxpayers they don't care, they elected us. how would they know any different? can you hear me now. >> it's deceptive for you say this isn't tax dollars. as katy pointed out, it is a tax. we should end all government -- you pay a monthly universal service tax. that is where the money comes
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from. >> the phone company is part of the regulatory authorization, too. >> it is not your responsibility to service anyone else's need. if someone else wants to have a phone they have to pay for itself. phones are literally free for anyone. google, apple, they are cheap. >> jonathan... the poor in this country. >> no! >> one comment. go ahead wayne. >> jonathan, i don't realize, this is written in the constitution. everybody gets a free phone. you haven't read the constitution lately. [ laughter ] >> eric: pull up the full screen, the fcc commented, fcc adopted a tough comprehensive reforms last year to combat waste, fraud and abuse in the lifelong program and saved $200
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million and on track $2 billion by the end of 2014. you know what, help me out here. how are they going to save the $2 billion when the whole program is $2 billion. >> they must be getting rid of the program like we want. i resent juan says if you are not for obama phone, ronald reagan phone program you don't like the poor and attacking the poor in this company. they are not entitled to have entire --. >> eric: guys, we have to go. obama phone, leave it alone. this mayor is sexually accusing -- >> there is no way the citizen should be on the hook for his personal behavior. he caused these issues and
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mayor, these women tax dollars is going toward his defense. my asthma's under control. i get out a lot... except when it's too cold. like the last three weekends. asthma doesn't affect my job... you missed the meeting again last week! it doesn't affect mfamily. your coughing woke me up again. i wish you'd take me to the park. i don't use my rescue inhaler a lot... depends on what you mean by a lot. coping with asthma isn't controlling it. test your level of control at, then talk to your doctor. there may be more you could do for your asthma. does your dog food have? 18 percent? 20? new purina one true instinct has 30. active dogs crave nutrient-dense food. so we made purina one true instinct. learmore at yeah? then how'd i get this...
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[ voice of dennis ] driving bonus check? every six months without an accident, allstate sends a check. silence. are you in good hands? coming up a politician accused of sexually
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let's talk about taxpayer harassment, the story of the mayor of san diego accused of sexual harassment, now his lawyer wants the city to foot is his legal bills because the city didn't give the mayor sexual harassment training andt apparently that is why he didn't know any better. katie, explain what's going on here. >> this is unbelievable.n. serial groper and king of the war on women wants taxpayers to foot the bill for his bad behavior because he doesn't have any manners. this is going to be expensive. eight women, i repeat, eight,
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have come forward with claims of sexual harassment against this guy. there is no way that taxpayers e should foot the bill because he doesn't know how to behaveere himself and control his s feelings.he >> wayne, filthy filner is what he's being called. time forco him to step down, get stuff away from the podium? >> the wonderful thing about this, hollywood is going to make a new movie, porn movie called "how sex perverts get into public power." you got wiener, spitzer, this guy. it's crazy. there must be something in the atmosphere that's making theseth morors do >> juan, the obvious question, o wiener, spitzer, filner, democrats. >> oh, yeah? you must have lost touch with bitter. still in the larry craig knocking on your bathroom door. come on, eric. i think wayne has -- >> kennedy. >> i think wayne t has -- this s
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because victoria secret is being forced overseas and these people can't afford cheap panties. that's the problem.rc >> oh, myed goodness. good lord.h, >> this type of behavior would never fly in corporate america. ceo accused of stuff like this, brian dunn, those guys lost their, >> that's what i'm saying! >> of course this goes on in corporate america! talking about? i >> juan, they lose their jobs! >> there are >> this guy is still in office and he wants the taxpayers to pay for it! >> break it up, you two. katie, listen to this, what about this defense that we forgot it give you sexual harassment training? >> we should not be subsidizing a taxpayers sexual harassment training either. don't sexually harass people. it's not hard. this is not a difficult concept.
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we shouldn't be paying for training and shouldn't be paying for attorneys' fees either. >> we'll leave it there before this gets any more out of h control. going to say thank you very much, katie and juan for joining us. appreciate it. coming up, first the nsa, now the f.b.i. is snooping on us. what you need to know the next time you log on to your computer hey kevin...still eating chalk for heartburn? yeah... try new alka seltzer fruit chews. they work fast on heartburn and taste awesome. these are good. told ya! i'm feeling better already. [ male announcer ] new alka seltzer fruits chews. enjoy the relief!
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he. >> time for what do i need to know for next week. wayne, you're first. >> well, i like facebook. their earnings turned up repeatedly, the stock turned up with it and i think you can hold on to it. it's above its original offering a price. >> i like that, too. a lot of money managers will have to buy into that number what about it, john, you like it? >> don't own it, eric. but i don't trust the government. that's why i'm betting against interest rates. in fact, government can't set wages or interest rates. long-term rates jumped as. lotg this year. i'm betting on short-term rates going up.on et west goes up with a two-year bond yield. i think that's a good place to have a portion of your assets
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now and i own it.nd >> i got to say, you've been very, very hot with this. the interest rate trend continues. ten seconds. >> i think it does. especially in the long-term. we'll see it on the short-termxa as well. >> both you have been on fire. appreciate you. that's it for the cost of freedom block. "cashin' in" has been all over the nsa snooping scandal and over government overreach programs. the "wall street journal" is pointing out that it's not just the nsa potentially violating our 4th amendment rights. i apparently the f.b.i.s is using web bugs that work like a virus that a hacker might use to infiltrate our computers enabling them o read our e-mails, and hear our phone conversations. i'm all for safety and for national security. my concern f is with unscrupulos people using my privacy to theim ends, whatever they may be. you think i'm being a little paranoid?hink ask the conservatives groups thatpa were targeted by the irs. think about it.
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have a great week and be careful what you click on this week. on "the five." hello, i'm dana perino, along with andrea and others. it's 5:00 o'clock in new york city. this is "the five". >> there is a world wide alert for americans traveling overseas in the wake much a new terror threat from al-qaeda. the state department announced they are shutting down 17 embassies and four consulates on sunday, most in the muslim world. the state department says current information suggests al-qaeda and its affiliates may be planning to launch attacksrmt between now and the end of august, possibly in the middle east or north africa.n eric, this administration is not afraid of a tv camera and giveno this news and how

Cashin In
FOX News August 3, 2013 1:30pm-2:01pm PDT

News/Business. A practical look at money management. (CC)

TOPIC FREQUENCY America 5, Wayne 5, Lyrica 4, Cashin 4, Us 4, Carlos 3, Obama 3, Spitzer 2, Arthel Nevil 2, Eric 2, Jonathan 2, China 2, U.s. 2, Katie 2, Eric Boling 2, Cleveland 2, Asthma 1, Gm 1, Fcc 1, New Purina 1
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